THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND SUPERVISION OF THE FINANCIAL MARKET AND THE FINANCIAL ORGANIZATIONS

of June 25, 2007 No. 179

About approval of Rules of implementation of direct settlement

For the purpose of implementation of article 26-1 of the Law of the Republic of Kazakhstan of July 1, 2003 "About compulsory insurance of civil responsibility of owners of vehicles", the Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Approve the enclosed Rules of implementation of direct settlement.

2. This resolution becomes effective after six months from the date of enforcement of the Law of the Republic of Kazakhstan of May 7, 2007 "About modification and amendments in some legal acts of the Republic of Kazakhstan on obligatory types of insurance".

3. To department of supervision of subjects of the insurance market and other financial organizations (Karakulov D. Sh.):

1) together with Legal department (Baysynov M. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution to the attention of the interested divisions of the Agency, the insurance (reinsurance) organizations and Consolidation of legal entities "Association of financiers of Kazakhstan".

4. To service of the Chairman of the Agency (Zabortseva E. N.) provide the publication of this resolution in mass media of the Republic of Kazakhstan.

5. To impose control of execution of this resolution on the vice-chairman of the Agency Uzbekov G. N.

Approved by the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of June 25, 2007 No. 179

Rules of implementation of direct settlement

These rules are developed according to the Law of the Republic of Kazakhstan of July 1, 2003 "About compulsory insurance of civil responsibility of owners of vehicles" (further - the Law) and establish procedure and conditions of implementation of direct settlement.

Chapter 1. General provisions

1. For the purposes of Rules the concepts specified in the Law and also the following concepts are used:

1) the responsible insurer - insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan with which at person whose civil responsibility came owing to the damnification caused to life, health and (or) property of persons recognized as the victims the agreement of compulsory liability insurance of owners of vehicles is signed;

2) the expenses connected with settlement of insured event – expenses of insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan, on implementation of insurance payment, by determination of the extent of damage suffered, and also expenses on the additional examinations connected with factual determination and circumstances of loss occurrence. At the same time expenses on additional examinations do not exceed ten percent from the amount of insurance payment;

3) the direct insurer - insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan with which at the victim the agreement of compulsory liability insurance of owners of vehicles is signed;

4) authorized body - the state body exercising regulation and supervision of the financial market and the financial organizations.

2. Direct settlement is performed in case of observance of all following conditions:

1) availability of the insurance policy (the current agreement of compulsory insurance of civil responsibility of owners of vehicles) at the victim and person whose civil responsibility came owing to the damnification caused to life, health and (or) property of persons recognized as the victims;

2) making of transport incident in the territory of the Republic of Kazakhstan;

3) civil responsibility of owners of vehicles is insured in insurance companies - residents of the Republic of Kazakhstan, branches of the insurance nonresident organizations of the Republic of Kazakhstan having the license for the right of implementation of compulsory insurance of civil responsibility of owners of vehicles;

4) making of transport incident with participation of two and more vehicles.

2-1. Insurance companies, branches of insurance companies – nonresidents of the Republic of Kazakhstan, having the license for the right of implementation of compulsory insurance of civil responsibility of owners of vehicles, can post on the website of insurance ombudsman details of insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan for exchange of information on direct settlement.

Chapter 2. Procedure of direct settlement

3. In case of loss occurrence the victim or person having according to the laws of the Republic of Kazakhstan the right to indemnification in connection with the death of the victim (further - the beneficiary), for receipt of insurance payment addresses the direct insurer according to the procedure and on the conditions provided by the Law and these rules.

4. The direct insurer performs insurance payment to the beneficiary according to the procedure, provided by the Law.

5. The direct insurer no later than 2 (two) working days from the date of obtaining from the beneficiary of the document confirming the fact of loss occurrence:

1) is requested by the corresponding insurance report on person whose civil responsibility came owing to damnification of life, to health and (or) property of persons recognized as the victims, from the database according to the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of June 25, 2007 No. 177 "About approval of Requirements to organization activity on forming and maintaining the database", registered in the Register of state registration of regulatory legal acts at No. 4860;

2) informs the responsible insurer on loss occurrence.

The notification on insured event in form according to appendix 1 to these rules (further - the notification) goes the direct insurer to the responsible insurer.

6.  No. 204 is excluded according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 27.08.2018

7. The direct insurer within seven working days from the date of implementation of insurance payment to the beneficiary sends to the responsible insurer the notice on settlement of insured event (further - the notice) in form according to appendix 2 to these rules.

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